FTSE Boosted By AstraZeneca

The FTSE 100 ended the week on a high note, benefiting from a strong performance by AstraZeneca after the drug company reported that its recent trial of a cancer drug had showed promising results. The company was trialling an immunotherapy drug called Imfinzi, which it had found could lower the risk of stage III lung cancer worsening or becoming fatal.

shareprices.com - Sunday, May 14, 2017

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AstraZeneca closed up by 8.46 percent, becoming the top performer in the UK’s leading index.

Meanwhile, Provident Financial ended the day down by 2.2 percent, in spite of reporting quarterly trading figures in-line with the latest estimates from analysts.

In the mid-caps, Entertainment One, the company that owns the Peppa Pig franchise, said that it would be taking a hit of £47 million, as a one-off charge to cover the cost of reshaping it’s film unit. The charge will cover the renegotiation of the company’s distribution agreement, as well as costs incurred by the company as it moves away from its current model which is focused on physical distribution, and becomes a more digital focused brand.

Meanwhile, the European markets were also strong, with both Frankfurt and Paris posting gains of around 0.4 percent. The pound made some small losses - down 0.05 percent against the dollar, and 0.7 percent against the Euro. This was modest movement compared to earlier in the week, and was not enough to affect the sentiment in the top flight, which is quite closely tied to the overall strength of the pound.


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